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European Central Bank to intervene in markets, Lux finance minister says
EU Crafts $928 Billion Show of Force to Halt Crisis
By James G. Neuger and Meera Louis
Bloomberg News
Monday, May 10, 2010
http://www.bloomberg.com/apps/news?pid=20601087&sid=ap50DW8IqhBo&pos=1
BRUSSELS, Belgium -- European finance ministers put together an unprecedented loan package that may be worth 720 billion euros ($928 billion) for debt-swamped governments in a bid to restore faith in the euro and prevent Greece's fiscal woes from unleashing a global crisis.
Jolted into action by last week's slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments pledged to make E440 billion avaiable, with E60 billion more from the EU’s budget, said Spanish Economy Minister Elena Salgado at a press conference in Brussels today. The International Monetary Fund may provide a further 220 billion euros, she said.
"We are placing considerable sums in the interests of stability in Europe," Salgado told reporters in Brussels after chairing the 14-hour meeting.
Under pressure from the U.S. and Asia to stabilize markets, the European governments gambled that the show of financial force would prevent a sovereign-debt crisis and muffle speculation that the 11-year-old euro might break apart.
The European Central Bank will announce "intervention" in financial markets, Luxembourg Finance Minister Luc Frieden told reporters, without giving further details.
Europe's failure to contain Greece's fiscal crisis triggered a 4.1 percent drop in the euro last week, the biggest weekly decline since the aftermath of Lehman Brothers Holdings Inc.'s collapse. It prompted President Barack Obama to call German Chancellor Angela Merkel and French President Nicolas Sarkozy yesterday to urge "resolute steps" in Europe to prevent the crisis from cascading around the world.
Prophecy Resource Corp. Appoints Rob McEwen to Advisory Board
Prophecy Resource Corp. (TSX.V: PCY, OTC: PCYRF) is pleased to announce the appointment of Rob McEwen to the company's Advisory Board. McEwen is a leading Canadian mining industry entrepreneur. He is the chairman and CEO of U.S. Gold Corp. and Minera Andes Inc. McEwen was the founder and former chairman and CEO of Goldcorp Inc., whose Red Lake Mine in northwestern Ontario, Canada, is considered to be the richest gold mine in the world. During his tenure at Goldcorp, McEwen transformed the company from a collection of small companies into a mining powerhouse, growing its market capitalization from $50 million to approximately $8 billion.
For Prophecy Resource Corp.'s complete statement:
http://www.prophecyresource.com/news_2010_mar11b.php
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Preliminary Feasibility Study Completed for Seabridge Gold's KSM Project
Study Reports Reserves of 30.2 Million Oz. Gold, 7 Billion Lbs. Copper,
133 Million Oz Silver, 210 Million Lbs. Molybdenum
Base Case Life of Mine Cash Operating Costs Estimated at $144/oz. Gold Produced
(Net of Base Metal Credits)
Toronto -- Seabridge Gold Inc. has announced results from a National Instrument 43-101 compliant preliminary feasibility study of its 100-percent owned KSM project in northern British Columbia, Canada. The study was prepared by Wardrop, a Tetra Tech company, a major international engineering and consulting firm.
Seabridge President and CEO Rudi Fronk says, "The study confirms that the KSM project now hosts the largest gold reserve in Canada and one of the largest in the world. KSM is projected to provide an extraordinary mine life of more than 35 years with estimated cash operating costs well below the current average of the major gold producers. Estimated capital costs are in line with those of comparable, large-scale, undeveloped gold-copper projects and KSM has the advantage of being located in a low-risk jurisdiction."
For the complete Seabridge Gold statement:
http://www.seabridgegold.net/readmore.php?newsid=283
